The Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 has been passed by the House of Representatives.

It establishes the core framework for MySuper products, which will replace existing default investment options in superannuation funds from 1 July 2013.

The Government has deferred the date from which it will become mandatory for employers to make employee contributions to a fund offering a MySuper product, from 1 October 2013 to 1 January 2014.

A recent speech by Ross Jones, Deputy Chairman Australian Prudential Regulation Authority, outlines the current position relating to draft prudential standards for superannuation, the MySuper authorisation process and the consultation process surrounding the new reporting standards.